Planning Report

2.4.5. Economic Impact Assessment
Location IQ has prepared an Economic Impact Assessment for the proposed Noosa Marketplace. The
Economic Impact Assessment is attached in Appendix F. A summary of the report is provided as follows:

•    The Noosa residential total trade area population is expected to increase from around 137,140 in 2018 to
     155,340 by the year 2031. Based on the typical level of large format retail floor space per person across
     Australia:
          o    There is currently a demand of 137,140m2 for large format retail in the trade area;
          o    This demand will increase to 155,340m 2 for large format retail in the trade area in 2031;
          o    There is currently 94,211m 2 of large format retail floor space within the trade area, which is a
               shortfall of 42,929m2 at the present day;

•    The report identifies the lack of vacant or high-profile land which is prospective for large format retail and
     non-retail showroom uses;

•    The continued growth will generate additional business within both the customer and trade markets,
     which will in turn will allow a greater level of large format retail floorspace to be supportable;

•    The conclusion of the report suggests a substantial net community benefit will result from the proposed
     development, including:
               o     Additional large format retail and non-retail showroom tenants would provide additional
                     choice, convenience and price competition to the consumer;
               o     An incubator precinct based on local needs and competitive strengths, would drive
                     sustainable economic growth and job creation in the region;
               o     The addition of the proposed development will help fulfil the existing demand for large format
                     retail and non-retail showroom floorspace
               o     The creation of additional employment which will result from the project, both during the
                     construction period, and more importantly, on an ongoing basis once the development is
                     completed and operational. Some 340 permanent positions are likely to result from the
                     proposed development, generating a further 323 jobs within the broader community. In
                     addition, some 417 additional jobs are likely to be created, both directly and indirectly, from
                     the construction stage;
               o     Reduced travel times, given the nearest significant provision of large format retail and
                     showroom facilities beyond the total trade area are provided at Maroochydore, more than a
                     70 km round trip from Noosa. The proposed development will likely reduce escape
                     expenditure to Maroochydore and as such, reduce the number and length of trips required to
                     shop at a full-line large format retail centre.

•    The combination of the substantial positive economic benefits serves to more than offset the minor
     trading impacts that could be anticipated for a small number of the existing stores in the region. Further,
     the impacts would not threaten the viability of any of these traders or showrooms. The proposed
     development will not adversely impact the existing role and function of the Noosa Business Centre and
     the adjoining land uses to the site. The proposed development will not impact on the role served by
     major facilities such as Noosa Civic or Sunshine Plaza at Maroochydore which contain a large non-food
     component;

•    The Noosa Marketplace will generate additional employment opportunities for the community, both
     during construction period and on an ongoing basis once the development is complete and operational.
     A total of approximately 1,080 jobs are likely to be created both directly and indirectly as a result of the
     proposed development.
The Economic Impact Assessment report concludes that the proposed Noosa Marketplace will contribute to
a positive economic growth to serve a greater consumer need and choice. The proposed development will
generate many direct and indirect employment opportunities.




URBIS
RPT-20190516-2-18 & 20 HOFMANN DRIVE, NOOSAVILLE_FINAL                                                THE PROPOSAL   27